Our SOA. Any Advice??

hels123_2

I am reposting. I did this last night and was rushing it really. I posted in the wrong section and had my head in the sand, I had missed things out but I have put everything down this time including all the APR's.

I am hoping that we can get some advice of getting on track and debts cleared.

I have worked out an average of my DH wages, but I struggle with his salary, he works 2 weeks away, 1 week home. So effectively he gets paid for 2 weeks out of 3. Some months he gets 2 pay days, some months he gets 4. etc.
In the job he does he has no where to store food, and only has a Health grill and a microwave to cook his food, so he shops everyday and finds it hard to buy fresh healthy food cheaply that he can cook on with the appliences he has.

Our Mortgage is IO and we are paying 800 a month and the left over was going in to the saving pot, but it was suggested that I should just put down exactly what we need to pay each month off the mortgage, so thats what I have done.

We only claim child benefit, not other benefits.

I havent put car maintainence, holidays, birthdays etc down as we havent had the money to cover them, so have usually ended up on CC's.

Any way here goes


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1040
Partners monthly income after tax....... 2893
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 4053


Monthly Expense Details
Mortgage................................ 345
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 43
Gas..................................... 0
Oil..................................... 55
Water rates............................. 30.4
Telephone (land line)................... 0( included in the broad band package)
Mobile phone............................ 130 ( mine and husbands)
TV Licence.............................. 11.95
Satellite/Cable TV...................... 21
Internet Services....................... 33 (includes landline and all calls it is an average)
Groceries etc. ......................... 400 ( 140 for me and the kids per month, 260 for DH when away at work)
Clothing................................ 0 ( hence the Next directory debt)
Petrol/diesel........................... 380 ( DH 300 and mine is 80)
Road tax................................ 16.61
Car Insurance........................... 51 ( for both cars)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 293 (DD has just turned 3, so will get free hours soon)
Other child related expenses............ 160 ( maitenance for DH son)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15.35
Buildings insurance..................... 11.12
Contents insurance...................... 11.12
Life assurance ......................... 22.74 ( for both DH and I)
Other insurance......................... 26.26
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
RAC..................................... 15.95
NI (Husband self employed).............. 9.20
Tax (Husband self employed) ............ 500

Total monthly expenses.................. 2705.7

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 190000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 166000...(345)......1
Total secured & HP debts...... 166000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Graduate loan..................7846......224.......6.9
Lloyds CC......................2408......44........15.9
Cabot Financial................1937......40........0
HSBC overdraft.................1448......21.42....?
Lloyds overdraft................2500.....36.65.....?
Argos..........................687.......22.71.....27.9 PAID whoop whooop!!
Next...........................431.......40.63.....26.49
Mum loan......................7100.........50........0
Tesco CC.......................807......25........16.9 PAID off £943
Barclay......................2808..............80.....6.8
Credit Security................2151......40........0

IWantToBeFree_2

Hi there!

I have had a look at your SOA and the things that stick out the most are the mobile phone costs which seem to be huge along with the fuel, is there anyway you can cut these back? On the fuel,do you have economical cars?

LandyAndy

You have 190k in cash but no house. You have 2 cars that are worth nothing . You say you have a savings pot. How much is in it?

I think that you need to look again at your SOA.

Meanwhile you have nothing for car maintenance, haircuts, holidays, birthdays and a few other things.

Have another good look at what you've posted.

~Beanie~

Your debts appear to total £592.41 per month, add this to your 2705.70 out goings and the total is £3298.11.

You have an income of £4053 so where is the other £754.89 going?

LandyAndy

No way should you be overpaying a mortgage if you've got unsecured debts at higher rates.

LandyAndy

~Beanie~ wrote: »

Your debts appear to total £592.41 per month, add this to your 2705.70 out goings and the total is £3298.11.

You have an income of £4053 so where is the other £754.89 going?

£455 is going on overpaying the mortgage.

LandyAndy

OP, are you struggling with your debts or are you looking for advice on the best strategy for paying them off?

You seem to have plenty of spare cash. If you haven't then your SOA is deficient. If you have then pay the minimum off every debt except the one with the highest rate. Pay the most you can of that and then move to the next one when the first is cleared.

hels123_2

You have 190k in cash but no house. You have 2 cars that are worth nothing . You say you have a savings pot. How much is in it?

If I had 190k in cash I dont think Id be worrying LOL! I have amended, obviously I had put it in the wrong box. The house is worth 190k.
The two cars are worth about about £2k
The savings pot has approx £800 in it. Id like to keep it there so that if my DH is out of of work for a month or so, atleast the mortgage is covered.

Meanwhile you have nothing for car maintenance, haircuts, holidays, birthdays and a few other things.

I havent put anything in these boxes as I havent been saving anything for these occasions. If we had some spare cash at the end of the month then fine, otherwise as I said it ended up on CC's.

I have had a look at your SOA and the things that stick out the most are the mobile phone costs which seem to be huge along with the fuel, is there anyway you can cut these back? On the fuel,do you have economical cars?

My car isnt the most economical, but its pretty much worthles ( hence why I havent added any thing in the car value section) My DH has a TDi, he drives a lot with work, so has to use that much petrol, as for the phones, we really need to cut back. I have just sorted out my price plan, its £38 PM on average now. DH is the most, he is getting a lot of charges from texts he recieves that charge him ( he hasnt subcribed to anything either!) Vodafone wont do anything about it so we having to claim the charges back from these companies ourselves, which is impossible, and its hard to even stop these texts.
Now we are not paying excess off the mortgage, then we are looking to pay off debts, and work out how many years before we are debt free....something to aim for.

Thanks for your replies.

Fortheloveofmoney

hels123 wrote: »

If I had 190k in cash I dont think Id be worrying

I havent put anything in these boxes as I havent been saving anything for these occasions. If we had some spare cash at the end of the month then fine, otherwise as I said it ended up on CC's.

You need to work out what you spend and add them in because you want to avoid putting anything else on credit. Once you've done this you'll know how much extra money you can throw at the debts.